The definition of the algorithm, the Obelisk consensus
The obelisk is a perspective of the consensus algorithm aims to correct the shortcomings of proof of work (pow) and proof of participation (PO) algorithms and makes it possible to maintain the blockchain state via a distributed network with a minimum of computational power and do not need to stock related requirements. This reduces the need in mining, significantly increases transaction speed and provides improved security.
Breaking down ‘algorithm Obelisk consensus’
Public blockchains to work on a global level, as a self-regulating, decentralized platform with no single authority. In real-time, reliable, and secure network a mechanism is required to verify the authenticity of the transactions occurring in the network, and consensus on the status of the Ledger. All this important work is performed according to the algorithm of consensus, which is a network Protocol that decides on the contribution of various participants in the blockchain.
While proof of work (pow) used in bitcoin and litecoin, and proof of stake (POS), which is used to dash and Neo, are the two most commonly used algorithms for consensus, they both have a few drawbacks. Prisoners of war is considered to be energy intensive, and POS cryptocurrency contributes to hoarding instead of spending.
As The Obelisk Of Work?
” Attempts obelisk to circumvent the problems of pow and POS, distributing the impact over the network in accordance with the concept called “web of trust. This concept extends the influence on the different nodes of the network and makes decisions on a consensus basis depending on the assessment of the impact of each node. Every node is attached to multiple other network nodes, and the density of the subscriber network node determines its impact on the network.
From the point of view of the role and the activity performed, there are two types of nodes on the Obelisk – block-generating nodes, and consensus nodes, and the nodes can alternately take any role. The block-generating nodes collect new transactions, authentication, packaging transaction in the block, and then broadcast the block to the network. Consensus nodes to collect the blocks generated by the block generating nodes and place them in a separate container, in addition to the blockchain. He then defines the unit that made the greatest number of unit generators. This unit is a winner and qualifies is added to the blockchain. Each node of the consensus supports the required statistics for local winners, as reported by other nodes. When the national winners were taken into account most or all consensus nodes, it qualifies as a global winner and continues to be a part of the blockchain. However, if the nodes do not decide otherwise, it will take one of the following based on available data and local magazines
(1) re-synchronize with the network or
(2) drops from participation in the consensus and/or block or
(3) keep your blockchain and request emergency stop
The obelisk has a potential high scalability and low power consumption. Generating units can run on low-cost hardware. The algorithm can easily and efficiently work on sparse network with only nearest-neighbor connections, instead of requiring a high bandwidth.
SkyCoin obelisk is used, which is converted in the ecosystem of technology, “the blockchain” and was developed to encourage the use of cryptocurrencies and technology public registry as “real” currency, not another tool for speculative cryptocurrencies assessment rates.